2.taneo

Nikolas G. Haritakis

TANEO, the Sovereign Fund of funds Your dominant partner in Greek VC market

TANEO in a quote

“TANEO is a true innovation in the field of public support for venture capital. Its structure broke new ground in involving private investors in helping to stipulate the creation of a venture capital market. TANEO has learned from experiences of others, has engaged high-quality professional advice and support and has created a team with capability to make a real difference to the financing of SMEs in Greece. I am proud of my past involvement with TANEO and wish it every success for the future”

Rory Earley Chief Executive

Capital for Enterprise LtdBERR, Department for business, Enterprise & Regulatory Reform, UK


TANEO: Financial structure

TANEO

The Notes

Preferred Share Capital

Ordinary Share Capital

Share Trustee

Note-holders

Hellenic Republic

Trustee

Hellenic Republic

EUR105m

Notes and Residual Certificates

EUR45m

Guarantee

First government sponsored fund of funds securitization in Europe

Unique structure of Notes

Guaranteed coupon, Euribor -2bps

Additional return

Unlimited upside

8 times over-subscribed transaction


A sovereign-type structure (1)

Fund of funds, with shareholders and bondholders

Small part of funds under management are public

Another small part comes from EU programs

The majority is private money, raised as a bond with State guarantee on the principal and a 6month coupon payment < Euribor


A sovereign-type structure (2)Both shareholders and bondholders have equal profit sharing rightsAll powers appointed to a Trustee (Major European Bank) to establish professional trust mechanismsThe management team is dedicated and committed through performance related contractsPerformance is measured following investors received returns (Not agency-like compensation)Corporate governance and transparency are evident in all levels of operation


TANEO structure-operation

Hellenic Republic

InstitutionalInvestors

TANEO

Investors

Investors

Investors

Investors

Manager

Manager

Manager

Manager

SME

SME

SME

SME

Capital

Capital

Combined capital

Combined capital

Combined capital

Combined capital

Investment

Investment

Investment

Investment

Profit sharing

Profit sharing +

State Guarantee on capital & interest

Profit sharingProfit sharing

Profit follows mutual agreements and loss follows capital

in the entire structure but the red part

DB


ΤΑΝΕΟ’s original objectives

Upgrade the Hellenic Venture Capital Market

Mobilize professionals to the market

Support the development of SMEs

Attract funding from local and international investors (institutional & individuals)

Provide high IRR to Investors

Facilitate a sound development of all the above in Greece

Proceed by example

Similar initiatives were very successful in Israel and GB.

YOZMA

Established in 1993

Developed VC market in Israel, attracted foreign investment and leveraged the scientific potential

UK High Technology Fund

Boosted early stage and hi tech investmentsTANEO, the Sovereign Fund of funds Your dominant partner in Greek VC market


TANEO’s Successes Established Sovereignty in VC marketCreated and established a competitive venture capital industry (11 new VCs)Introduced EU regulatory framework and EVCA reporting guidelinesCo-invests with institutional & private investors upon extended due diligenceInvests in PeopleInduced competition and collaboration in VC market Externalize the pre/existing collaboration in Easter Europe areaModel objectives: Efficiency & Coordination Overcome sovereignty issues Combine State’s and investors’ interests

TANEO VC FUNDS


TANEO: EBT performance


2004 2005 2006 2007 2008-3,000

-2,000

-1,000

0

1,000

2,000

3,000ΕΒΤ

ΕΒΤ

TANEO: Investment Activity


2004 2005 2006 2007 2008 2009 (projections)0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

Commitments

Investments


Our portfolio in numbers

Co-established 11 Venture Capital FundsParticipations in 20 Greek SMEs

€25,000,000 invested capital

ICT – Health related – Energy – Food &Beverages - Industrial material - Logistics – Property development

3 IPOs in Athens Stock ExchangeAlternative Market


Our portfolio in numbers

IRR on realized investments

20,7% Medical devices

47,4% Agricultural products

339% & 184% Energy

Expected IRR on unrealized investments in energy sector 168%

www.taneo.gr

Portfolio companies

Information Technology

http://images.google.com/imgres?imgurl=http://www.cs-gather.gr/filez/last_reg_bg.jpg&imgrefurl=http://www.cs-gather.gr/index.php&h=200&w=200&sz=52&hl=el&start=2&um=1&usg=__h73KmhQEg87K7QXqKHwhMF5H4E8=&tbnid=b5tVIalMuCsq3M:&tbnh=104&tbnw=104&prev=/images?q=e-global&um=1&hl=el&rls=SNYG,SNYG:2004-50,SNYG:en

http://www.performance.gr/page/default.asp?id=4&la=1


Portfolio Companies

Industrial Products- Materials

Special Property Development


Portfolio Companies

Food-Beverages-Agricultural products

Biotechnology-Health

Logistics

http://www.kozaniskrocusproducts.com/


Portfolio Companies

Energy-Green Projects

Ionia Energiaki S.A. - Aigaias Anaptyxiaki S.A.

ENEP S.A. - Ensol Anaptyxiaki S.A.


Expected investments

Renewable energy

Logistics

Defense technologies

Composites

Recycling

Food

Smart applications


TANEO and OTHERS

Fostering Innovation

Strategic and Founding partner for Microsoft Innovation Center (MIC) in Athens

With the vision to become an “innovation accelerator” and support the growth of the Greek software economy, the Microsoft Innovation Center in Athens will have a dual role of:

Helping lay the foundation that will Enable innovation and entrepreneurship Trigger new ideas

Facilitating the execution of ideas by Supporting select innovative ideas through

implementation Promoting final products or services


The Innovation Center plans to achieve these goals by:

Offering free software tools to startups and students Facilitating access to funding Arranging competitions targeting technological innovation Hosting events directly relevant to innovation and

entrepreneurship Offering technological and business skills trainings Using Microsoft’s vast partner, business and worldwide

Innovation Center Network to support the growth of new ventures

Promoting new ideas at a local and international level using Microsoft’s PR engine


TANEO and OTHERS

Fostering Mentoring: Partner for mentoring networking, between US Universities Alumni, Hellenic Federation of Enterprises (SEV), Associations of enterpreneurs

Fostering Networking: Organize the annual International Venture Capital Forum and launching of online community www.vcworld.gr


http://www.vcworld.gr/

Venture Capital Forum

A unique two-day event

dedicated to raising financing for

ambitious and dynamic entrepreneurs,

business oriented researchers and new

technology-based firms. The event also

provides a forum for institutional and other

investment professionals to meet with

policy makers, entrepreneurs, academics

and researchers for an open exchange of

views and ideas.


Venture Capital Forum

The 10th International Venture Capital

Forum will take place in Hilton Hotel, in

Athens, on 16 & 17 June 2009.

Entrepreneurs and researchers are invited

to submit their investment proposal(s) the

latest by 4th May 2009 at

[email protected]


mailto:[email protected]

www.vcworld.gr


http://www.vcworld.gr/

Fostering Networking


SMEs

FUND MANAGERS

VC FUNDS

TANEO


Towards the new endeavors

We have…Learnt lessonsBuilt-on experienceEstablished brand

and we will…Capitalize on current achievementsLeverage synergiesSatisfy market needsRaise opportunitiesInvest in real values

Current Outlook

In 2007, Greece was the third largest source of capital for European funds due to MIG buyout fund

The sectors that attracted venture deals were the life sciences (33,3%), computers & consumer electronics (33,3%) and communications (33,4%)

The EU average ratio of PE/VC investments as a percentage of GDP was 0.584% and in Greece was 0.199%.

EVCA Yearbook 2008

Greece is still in an early stage of PC/VC

growth and although VC may appear to be

conservative, Greek firms are also in need of maturing to

attract interest


TANEO is here…


to create bonds with successful professionals and VCs in U.S.

to promote the opportunity to enter a market in its blossoming

to invest in people, networks, relations and values

Thank you for this opportunity!


2.taneo

Economy & Finance